Greenwood Park Apartments in Kenwood would be rehabilitated and preserved for low-income tenants through a low-interest, $2.5 million multi-family loan introduced today to City Council by Mayor Rahm Emanuel.
The $24 million project by Preservation of Affordable Housing (POAH) would create122 renovated apartments in 15 two- and three-story walk-up buildings along 47th Street between Greenwood and Ellis avenues. Interior improvements would include kitchen and bathroom upgrades and new flooring. Exterior improvements would include new roofs, boilers, windows, sidewalks, and a resurfaced parking lot.
Ninety of the units would be leased to tenants earning up 50 percent of area median income (AMI), and 32 units would be affordable for incomes up to 80 percent of AMI. HUD would provide rental assistance for 50 of the units.
Additional funding sources would include $4.4 million Citi loan, $1.8 million grant from Citi Community Capital, $2.8 million from POAH, and $1.7 million in Low Income Housing Tax Credits from the Illinois Housing Development Authority that would generate $11.7 million in tax credit equity for the project.
The Greenwood Park Apartments complex was built in 1974.
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